Dogecoin (DOGE) has been making headlines in the crypto world recently, especially after a renowned crypto expert revealed that whales have acquired a significant 250 million DOGE during the recent market dip. This accumulation came amidst the backdrop of Jerome Powell’s anti-crypto stance, which had caused a temporary downturn in the market.
The impact of this whale accumulation is evident in the price of DOGE, which has seen a remarkable surge of over 25% in the past 48 hours. Currently trading at around $0.32, the meme coin has experienced an 8% increase in the last 24 hours. Interestingly, despite this surge, long-term holders continue to accumulate DOGE, with on-chain analytics firm CoinGlass reporting a substantial outflow of $519.19 million worth of DOGE from exchanges to long-term holders’ wallets in the past week.
This outflow is a positive sign for the coin, indicating potential upside momentum and presenting a favorable buying opportunity for investors. As for the technical analysis of DOGE, the coin is currently facing strong resistance at the $0.346 level. If DOGE manages to break through this resistance and close a daily candle above $0.36, experts believe that it could see a significant 25% increase, potentially reaching the next resistance level at $0.44 in the near future.
Looking at the Relative Strength Index (RSI) for DOGE, which currently stands at 37.85, there is a strong possibility of further upside momentum in the days to come. Overall, with whales accumulating large amounts of DOGE, the price surging, and technical indicators pointing towards potential growth, the future looks promising for the world’s largest meme coin.
As always, it’s important for investors to conduct their own research and consider their risk tolerance before making any investment decisions in the volatile world of cryptocurrency.